The new £3.7billion joint venture (JV) between Wheatley Group and Glasgow City Council - which will safeguard over 4000 jobs in the city for the next 30 years - has officially launched.

The deal sees Wheatley, Scotland's leading housing, community regeneration and care group, become the 50/50 joint owner of City Building (Glasgow), the construction firm run as an arm's length body of the city council.

Under the terms of the contract, which began on April 1, City Building will provide repairs and general maintenance work within Wheatley’s Registered Social Landlords in the west of Scotland (including Glasgow Housing Association, Cube and Loretto), the group’s mid-market commercial housing subsidiary, Lowther Homes and its property management company, YourPlace.

The numbers behind the joint venture are astounding, with more than 2000 staff responsible for Wheatley’s annual housing repairs budget of £33million and annual investment budget of £27million. They will also carry out £30million worth of repairs annually on behalf of the council.

Annemarie O’Donnell, chief executive of Glasgow City Council, said: “This ground-breaking partnership will build on the significant and positive impact City Building has already had on Glasgow over the last decade – delivering jobs, training and first-rate services for communities and tenants.

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“We are securing 2000 jobs and more than 2000 apprenticeships for at least 30 years, including work for people with disabilities, through the RSBi workshop. The deal also delivers a £180 million investment in training and skills.

“That is a huge boost for the whole city, its economy and its people.”

Some 60 apprentices will be employed each year over the next five years as part of the venture with 35 of those apprentices coming from Wheatley communities.

Last month Wheatley and City Building also launched a double recruitment drive for new apprentices, with Wheatley looking for 30 new Modern Apprentices and City Building taking on 60 trades apprentices.

Dr Graham Paterson, executive director of City Building, said “The excellent skills, dedication and commitment of our workforce will bring added value to Wheatley Group customers.”